When you create a business around something you are passionate about, or that you’re really interested in, your motivation levels stay much higher over the long term. Having a keen interest in your business and what you’re striving for means you’ll actually enjoy working on it, so it never feels like work.
Instead, you soon find that you’re having fun even while your business is growing and making profits.
The problem most people find is that they don’t really know how to turn a hobby or a passion into a lucrative full-time business. Yet self-business ideas always end up among the most successful, so the key is to work out what you really enjoy doing every day.
Think about a topic or hobby or product that you’re really passionate about. It should be something you would love doing all the time. Once you’ve found your answer, you’re ready to turn it into a profitable business.
Turning Your Passion into Profit
It makes absolutely no difference what your passion is for; it’s possible to turn it into a solid business. No matter what subject you think of, there is a niche for it somewhere on the internet. You’ll find plenty of other people out there are interested in exactly the same thing as you are.
Those people are keen to buy information teaching them more about their passion. They’ll happily buy products that help them to achieve more from their passion. They’ll ask questions and seek out more people who love their hobby or interest as much as they do and they form communities around those things.
Those people are your target audience. They are really interested in exactly what you want to promote, no matter what you decided to make your business about.
The internet really does give you everything you need to succeed. You have access to those people and those communities. You have a way to promote your products quickly and effectively online. You can reach out to more people than ever before, simply because the internet is a truly global medium.
This means your business is never limited to only your local area. You have the world at your feet when you choose to establish your self-business ideas using an internet-based business model.
The biggest benefit here is that because you chose to work on business ideas that stem from what you already enjoy, you know you won’t get bored or give up on your business plan quickly. You’ll have a far better chance of staying motivated, which is the real key to achieving success.
Simply put, your business model is how your business makes money. You can think of it this way: what exactly are people paying you for? (Without paying customers, you have a hobby, not a business.)
It’s important to emphasize that your business model must be proven. There’s no need to reinvent the wheel here! To find a proven model, simply take a look around at others who are highly successful in your chosen industry. How does their business make money? What income streams are they incorporating? What are they selling?
For example, my business is primarily an information-product-based business model. With this model, a business owner makes money as a teacher, expert or coach, and builds their brand by delivering information and advice in the form of products, one-on-one coaching, workshops, online programs, books and more.
The business owner offers solutions to a particular problem, and clients and customers pay them for it.
Here are some additional examples of what your business model could look like:
- A one-on-one service
- A group service
- A standard physical or digital product
- A customized physical or digital product
- To be positioned in front of your audience
The customer pays:
- For leads or referrals (for example, affiliate marketing)
- For your talent (for example, hosting, speaking, acting, etc.)
- Just like my model, your model could be a combination of all of these.
Ultimately, you make the rules here, but it’s smart to follow a proven model that plays to your strengths.
It’s also helpful to understand your business’s sweet spot. How do you find that sweet spot? It lives at the intersection of who you most want to work with, what you most want to deliver, and what your client or customer most wants to buy.
If you’re having trouble getting people to invest in your products and services, take a step back and make sure you’ve done your research. Are you selling something they truly want and would pay for? (Not just what you think they need.) Do you have the evidence to back it up?
What you think they need is irrelevant; it’s what they will PAY for that really matters.
As you can see, several pieces have to come together to form the business model puzzle. Fortunately, with a little research and looking to others who have paved the path before you, you’ll be on the right (and most profitable) track to business success.